The 3 Biggest Things I Learned from a Billionaire that Made Me Rich
Over the last decade Douglas Vermeeren has conducted research into wealth creation, financial freedom and the lives of top achievers in this area. He believes that there are a handful of hidden keys and concepts that are keeping people everywhere from creating untold wealth and abundance in their lives.
Without these missing elements, no matter how hard they work, or how valuable their business ideas are or even how much they save for the future MOST PEOPLE WILL NEVER BE RICH!
If you are serious about becoming more successful financially, you can’t afford not to read this post.
Douglas Vermeeren is the author of Guerrilla Millionaire, Millionaire Wisdom and The Millionaire Frequency.
He is regularly featured on CNN, FOX, FOX BUSINESS, ABC, NBC, CTV, CBC and Create Wealth Today.
What I Learned from a Billionaire that Made Me Rich
If you want to know your PAST look at your current SITUATION. If you want to know your FUTURE look at your current Decisions.
1. Develop The Right Skills
- Master your psychology
- Learn how wealthy people think
- Success leaves clues – Find a mentor
- Why make all your own mistakes when you can learn from others
- Imitate those who have done it and you will travel in a straight line
Good Question to ask
- Who else do you know that I should talk to?
- What’s the cost if I don’t do it?
- Why do you want wealth?
Books / Education
- Self-Made Millionaires for DUMMIES
- Gorilla Millionaire
- Millionaire myth
- Millionaire Training Systems
- Think & Grow Rich – interviewed 400 of top achievers
- The treasure map 26 September
Are you committed to making more money?
- There is a big difference between someone who wants to get rich and someone who is committed
- Clarity / Vision / Direction
What Is Wisdom
- Experience: School of hard knocks. Takes 10,000 hours to become expert
- Gratitude experiment
- Financial insecurity
- Financial security
- Financial free
- Financial Abundance
What does it mean to be financial free?
- A goal specifically clear becomes attainable and near
- Passive income stream that pays for all your expenses
Once you have the recipe you can do it as many times you like
- Most people don’t know where they want to go.
5 Pillars of wealth
- Have to own a business
- buy & sell business
- loyal customers
- no technology
- data base of customers
- Real Estate
- there is a right way and a wrong way
- more easily accessible things have lowest returns
- Intellectual property
- doesn’t have to be a book
- it’s not about resources it’s about resourcefulness
- creativity is king in making money
- what’s your expertise
Ignorance is the most expensive thing in the world
- Cost time, money
- Money strategy → do something smart with your extra money. Don’t treat it like disposable money.
Here is a cheque for 1 million dollars. What are the top 10 things you going to buy if you had to spend it all?
Don’t be a dork with your money. Every purchase you make is an investment. Your money is only worth what you do with it
Quality of life is an investment. When you wear nicer cloth you perform better.
Creating Spend at least 10% of your income on creating more money.
Contribute You will get the most joy when you do something for someone else
If you’re not giving back when you’re poor you won’t when you are rich but at the same time you can’t give from an empty piggy bank.
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4. Mastering your psychology
- This is often the most difficult
- We are where we are because of the way we think
- What are you willing to do?
- Knowledge belief in yourself
- We are harder on ourselves than anyone else
- You are not as good as you think you are better
- Until you get committed, your wealth won’t change.
- Cost too much
Get student interns to help you with technology
What’s a good investment opportunity?
- What’s good for you?
- What are you excited about?
- If I can’t understand it, I don’t do it.
- Trust your gut.
- Look for a 5 to 1 return. You can Lose 4x and still break even.
- We are not here to break even
- Risk becomes evaluation with skill
You can’t delegate your thinking
What is the first question? How much will it make me?
5. Optimizing your environment
Your income will be the average of the 5 people you spend the most time with
You hear your opportunities from your friends
- Build a network of people that bring you opportunities
- Access to better or more resources, Bigger problems you can solve
- Ask people for help.
- Higher caliber of friends
- Not all contacts are as valuable as others
- Build boundaries
- Move people towards center
- All relationships are in motion
- 1 star 48 hour call back
- 5 star move people to the center/
Most common reasons people want to become RICH
- Become Financially Free
- Prepare for Retirement
- Support struggling family members
- Get out of personal debt
- Improve LIfestyle & Quality of LIfe
- Quit current job
- Want to own their own business
- Acquire assets or property
- You want your children to have things you did no
- To please Father-in-law
- More respect, power and admiration
- More time off, time for family, time for a hobby
- Support the church or community
- More freedom of choice
10 Keys to taking your business to over $1 Million
What are the 10 things that you think contribute to someone’s success?
- There is a million dollar way to do things and there is an average way to do things.
- 87% of entrepreneurs make less then $200,000 year.
- Only 5% make over $1 million per year
- The reason for the difference is simple
- If you don’t have the success you want you haven’t implemented these things to the level of depth that you need to get the results.
“If you see someone more successful than you are. The only difference is they know something you don’t” – Martin Luther King
1. Focus and clarity
- What do you want?
- Absolute focus on getting there
- A goal that is specific and clear becomes attainable and near
- Eliminate things that take you away from your most important goals
- Most entrepreneurs split their focus on too many things
- Focus on a small amount of things
- Choose your mission carefully and focus on it entirely
2. Learn the art and skill of sales and negotiation
- This is so important.
- Sales is the process where you exchange your goods or services for money.
- If you want to be highly successful you need to learn this as an essential skill.
- This can often be the most difficult
- Many entrepreneurs have a very difficult time placing an appropriate value on their services for their goods and services
- They have a harder time securing contracts and asking for the money
- You need to know how to construct deals that give the best outcomes. Otherwise a lot of money is left on the table.
3. You need to learn marketing and branding
- Marketing and branding is how people hear about you and perceive you in the market place.
- Marketing and branding go way beyond advertising
- It covers every aspect on how you are perceived
- How are you perceived in the market place?
- This is an important question to think about because it will attract the kind of customers you end up doing business with.
- How you are perceived directly affects your bottom line and the opportunities that will be made available to you
- The bottom line with marketing and branding is if you are not telling people about you they will never hear about you.
- If you don’t deliberately control the message of your brand your brand will be created in the marketplace without your consent
- Marketing and branding also include positioning in the market place.
- Positioning will determine who you do business with, your price point, customer expectations and a host of other considerations.
- Invest time to determine who you want to be in the market place
4. You need to build and maintain relationships.
- Business is all about relationships and people
- If you want to be successful in business you have to remember the importance of people
- The quality of the people you attract in business with ultimately determine the quality of your business.
- Net / work
- Net is like a safety net
- If you have high quality people in your network you will be able to find solutions, support, answers that are high quality especially when you are experiencing challenge
- Resembles a fishing net. The better quality of your network means a bigger draw in your fishing net.
- The better your network the more money you can expect to bring in.
- It’s all about quality not quantity
- It requires work to maintain a network
- When the quality of your network improves your business does too
5. Learn how to recognize and take advantage of opportunities
- What does a good investment look like?
- Opportunity doesn’t just come along. It has to be created or hunted down
- Requires preparation
6. Get organized and create balance
- Organization is the key to creating a strong business
- Organization -Sometimes it’s fair to say ”If you are not organized then you don’t really have a business at all”
- When you are organized you are positioned to move faster at implementing new opportunities and you can meet customer needs faster
- Organization is essential for your business
Life and business Balance
- If you don’t take care of balance you will eventually burn out
- If you do manage to survive as a workaholic your quality of life and those around you will suffer
- It’s impossible for you to do everything in your business
- If you try to you will never get to and sustain that 1 million dollar mark
- Its not enough to hire support and ask for help
- Organizing your business is essential in order to receive support
- If you hire help and those people don’t know what to do you will waste time and money
- When something is organized it can be built upon and grow
- Don’t carry the entire burden of a company on your shoulders. You actually get to have a life.
- Your current level of effectiveness and income level is a direct reflection of your ability to organize and manage what you already have.
7. You need to learn how to create wealth
- Look for additional ways to make money outside of your company
- Create additional investments
- Use the cash flow from your business to diversify your risk
- Similar strategy you might use for your own investment portfolio
- Some businesses are seasonal or based on commision
- If you have other established income streams you won’t feel the full effect of income shortages when your business is impacted by slow periods
- When you have money coming in from other sources than your direct activities you are able to have more freetime, less pressure because you know the companies money is also working for you.
- Ultimately money is the best employee
- Never calls in sick, needs a day off, a break
- Works for you 24 hours a day 7 days per week
- Use funds generated from your company’s investments to pay for bills for your company
- Building income streams that are not reliant on your efforts will give you an extensive amount of freedom.
8. You need to create systems for growth
- Systems are the key to growth
- You can not effectively add more people to your organization unless there is some organization to bring them too.
- Systems allow you to repeat results that you have created
- The more you can systematize a process the easier it will be to find help
- Systems also allow you to measure what’s working and what is not
- When you can see what is not working you can eliminate it
- When you know what is working you can direct more resources to those areas of your business.
- You need systems that someone else can duplicate if you where to sell your company
- Systems are the key to being able to grow your business to over 1 million dollars per year
- Duplication can only be achieved with effective systems
9. You need to become an innovator
- The act of introducing something new, making it better and more effective
- Innovation requires it to be useful for a certain audience
- Look at the direction people are heading and be there when they are ready to receive it.
- Think carefully about where things are headed
- Innovation is an exercise where creativity meets practicality
- The 1st organization to go to market with a brand new product owns that space.
- Apple Ipod: Did not invent digital music players. They innovated them to the extent that they can be consumed by the public in masses
- Thomas Edison: People think of him as the greatest inventor of all time credited with inventing the electric light bulb, motion picture camera, and more!
- Variations of all these inventions were patented long before edison came on the scene.
- What can your company do to become innovators in your industry?
- You have to always be improving and innovating or soon either you or your company will be overtaken by your competitors.
- If you can’t compete through innovation you will soon become obsolete by new market conditions
- Entrepreneurs assume that if a particular product or service made money in the past it will continue in the future.
- Staying in one spot for too long will spell disaster
- Blockbuster — > Netflix
- Music industry –> Tapes —> CDS –> Downloadable music
- Innovation is an essential part of survival
10. You need to become a student of success
- The most expensive things in the word is ignorance
- It cost you time, money, and keeps you from earning more money
- What you earn will always be a direct reflection of what you are able to earn
- Often people think the best way to be successful is to think outside the box. I disagree. Its better to find a new box to think inside of.
- To solve your problems look at how others solve those problems and what they are doing
- Improve on their answers to make it more personal to you
- Success always leaves clues
- 1 simple lesson applied in the right way can make you millions or save you years
- Who can you learn from right now that can take you closer to your goals?
- LIE: I have no competition. What I have to offer is so unique that I have no competition.
- If you exist in an area that has no competition you are going to have little chance of staying alive as a company and no chance to be rich.
- Wherever there is opportunity there will always be competition
- The more you can master the above principles the better you will be at putting your competitors behind you.
- Mastery of these principles will give you a monopoly
- Walmart mastered it’s position. It become the only choice for discount shoppers.
- Zellers – Failure to innovate and master these principles
- Mastery is never complete, it’s a journey, the target is always moving